UK's Truss sticks with tax cuts as she breaks silence after market rout

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British Prime Minister Liz Truss blames the market upheaval on Russia's invasion of Ukraine, which has caused inflation to spike around the world.

, Kwarteng told reporters the government was focused on delivering economic growth.

Meanwhile, a new YouGov poll showed the opposition Labour party had surged to a record 33-point lead over Truss’ Conservatives as voting intention conducted over Wednesday, September 28, and Thursday showed 54% support for Labour and 21% for the Conservatives. That rate is seen rising further to 4.5% in December and close to 6% by June, levels that would likely hit house prices and offset any gains from a cut in property transaction taxes that was announced last week.“This is the right plan,” Truss told the BBC. Asked if it was time to reverse course, she said, “No, it isn’t.”

“Every day, every week, every month, the government will now be critiqued by markets and businesses on how serious they are about growth and about their fiscal responsibility to pay back debt,” Tony Danker, director-general of the Confederation of British Industry, said late on Wednesday.

 

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